Economic and Financial Education: Concepts, Goals and Measurement

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Economic and Financial Education: Concepts, Goals and Measurement

Author Info

Ernest Gnan () (Oesterreichische Nationalbank)
Maria Antoinette Silgoner () (Oesterreichische Nationalbank)
Beat Weber () (Oesterreichische Nationalbank)

Abstract

A review of the literature and of specific education initiatives reveals a broad range of approaches to economic and financial education. What knowledge areas and skills are targeted and how content is presented very much depends on the motives and goals of the various education providers. Central banks, for instance, provide economic and financial education basically for five reasons: (1) to enhance the effectiveness of monetary policy, (2) to ensure the smooth functioning of financial markets, (3) to support sustainable economic policies, (4) to promote economic and financial literacy as a public good and, (5) by doing so, build their reputation and promote acceptance for their actions. Economic and financial literacy tests have generally uncovered substantial knowledge gaps among citizens. Yet given the methodological deficiencies of the existing analyses, test scores must be interpreted with caution. Improving methodology remains a challenge for future research. JEL classification: A20, E58, I21

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Publisher Info
Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy and the Economy.

Volume (Year): (2007)
Issue (Month): 3 (November 2007)
Pages: 28-49
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Handle: RePEc:onb:oenbmp:y:2007:i:3:b:2

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References listed on IDEAS
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Patrick J. Bayer & B. Douglas Bernheim & John Karl Scholz, 1996. "The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers," NBER Working Papers 5655, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Patrick J. Bayer & B. Douglas Bernheim & John Karl Scholz, 1996. "The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers," Working Papers 96011, Stanford University, Department of Economics. [Downloadable!]
Bernheim, B. Douglas & Garrett, Daniel M., 2003. "The effects of financial education in the workplace: evidence from a survey of households," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1487-1519, August. [Downloadable!] (restricted)

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